6 Ways to Make Your Retirement Savings Last Longer

Women over 60 are facing a unique set of challenges as we enter the traditional “retirement” years. We are living longer than ever before, and we have more interests and life goals (and we have more energy and freedom to pursue them) than many previous generations of women had at this age.

These are all “good problems” to have. The question is: how are we going to afford to pay for all of it?

Long life is a blessing, but no one wants to outlive her retirement savings. Enjoying an active, adventurous retirement is a dream come true – but pursuing an adventurous life in retirement can become quite costly.

So how can an active, adventurous woman over 60 make her money last longer? Here are a few ideas…

Take Control of Your Health

One of the biggest expenses for retirees is medical costs. While some of these costs are inevitable due to the complexities of getting older, there are many things that we can do to take control of our health by improving our diet, exercising regularly, managing our stress levels and maintaining an active social life. Losing weight and eating healthier can often complement our efforts to save money.

Going for a bike ride every day costs less money than going to the mall. Cooking healthy meals at home often costs much less money than eating at restaurants. Making changes in your lifestyle can often “kill two birds with one stone” by eliminating wasteful spending while also improving your overall health.

Look for Discounts

We are living in a Golden Age of frugal shopping. Online daily deal sites like livingsocial.com and Groupon.com make it easy to get amazing discounts every day via e-mail – you can often get massive discounts (50% off of more) on restaurant dinners, massages, fitness classes, travel packages, and many other “experience-based” goods and services. couponmom.com offers free online coupons to help dramatically reduce your grocery bills.

Make More Money

Women over 60 are in the prime time of life to start a “side hustle” or side business, even while you’re still working at a traditional job. One of the best ways to make your retirement savings last longer is to add more money to the nest egg. And if you’re able-bodied and energetic and willing to work a bit, why not use your skills, talents and network of connections to earn some extra cash in retirement?

Track Your Spending

Take a hard look at your overall lifestyle – how are you spending your money? Where does it all go? Many people spend money almost unconsciously, making impulse purchases and falling into patterns such that they don’t really understand where their money is going. You can sign up for Mint.com, a free service that lets you track your spending online, to find out how much you’re spending on various categories like Groceries, Fast Food, Restaurants, Bars, Shopping, and more.

Cut Expenses

Once you’ve tracked your expenses for a few months, you’ll be better able to spot patterns and understand which changes you need to make.

Can you spend less money on restaurant meals by cooking at home? Can you get a cheaper mobile phone service? (It’s often cheaper to buy a phone and sign up for a prepaid mobile plan, rather than getting a contract.) Are you paying too much money on monthly fees for your bank accounts? Do you have a membership at a gym or club that you never go to? Could you live without cable TV?

Re-evaluate your insurance policies. Now that you’re over 60, you might not need to keep spending money on life insurance every month. Shop around for discounts on car insurance and home insurance – you might save some money by switching insurance companies.

There are many ways to eliminate unnecessary spending from your monthly budget, often without compromising on any of the things you love to do.

Downsize to a Smaller Home

Are you still living in a large house that was better suited to your childrearing years, but has started to feel more like a “prison” than a castle?

Many women over 60 dream of getting rid of their daily “to-do” list that goes along with maintaining a big house. And hopefully, if you’ve owned your house for awhile, you’ve built up some equity and will make a decent profit if you decide to sell.

Selling your house and downsizing into a smaller house, apartment or condominium is often an great way to add a significant chunk of money to your retirement savings, while also saving money on monthly expenses such as property tax, home heating and cooling, home repairs and maintenance.

Plus, by downsizing your home, you’ll be saving valuable time on chores and gaining wonderful freedom to spend more time on hobbies, exercise, social life and other interests.

What small changes have you made recently to improve your financial situation? What advice would you give to one of your friends who are struggling with money right now?

LEARN MORE

There are several benefits to downsizing in retirement and some of them may even surprise you. Watch my interview with Dr. Dale Atkins for more information.

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Margaret Manning is the founder of Sixty and Me. She is an entrepreneur, author and speaker. Margaret is passionate about building dynamic and engaged communities that improve lives and change perceptions. Margaret can be contacted at margaret@sixtyandme.com

… savings in RRSPs… saving pension benefits… cutting down on traveling first class and traveling itself… cutting down on expensive restaurants… enjoying more of the simple things in life as per get together with friends, keeping fit, reading, and one trip a year which has been driving to Florida and enjoying the great weather there…

I think the answer for me was being able to go with the flow. For awhile, I felt “oh, poor me” since I had once known a very comfortable life. Then I realized I would forever go through life angry at my circumstances. I decided to be grateful for what I have instead. And from what I’m reading here, I realize there are many women truly suffering. I took an early retirement at 57 and moved to Costa Rica where my dollar goes further. I built a smaller house and a lap pool. I’m I’ve been forced to be self inventive over time and I’ve always tried to make an art of my own life. Fortunately, I have a generous daughter who treats me to nice vacations, clothes, and shoes. I have learned to accept help gracefully and with deep appreciation to well to do friends. It is all relative, and I think few women get richer as they age. So we better find happiness in the small things in life and live for the moment. Don’t get caught up in the pointless worry about the past or the future. I always try to remember that some people never get the chance to be old.

Since my premature severance from a 3 year contract, I have had to readjust my loss of one and a half years salary which I did not anticipate. But I realized God had plans for me to be more relaxed and not be burdened unduly as an aged employee and coming from a leadership perspective it was hard to swallow some back lash. Looking back I enjoyed the short change from my past health experience which was always gratifying and satisfying and also I gave my everything I could not have given anymore.
I am learning to use all my resources; mixing and matching scarfs and clothes different tops with different pants and skirts.It brings out my artistic potenial in me and accessorize what I have. Packaging meats to cooking portions freezing and doing what one of the retired ladies do so we are ladies of substance and know how to be good stewards. I also understand this journey here is a passing journey we need to be prepared for the ultimate destination. So this time is necessary for that place.
This was a blessing to be liberated to tend your family and your bucket lists. I see God’s hand in this, as I am close to my family and my grands and children I appreciate my husband and I am able to meet each ones need may not be financially but otherwise .Time is the most expensive resource I have for them. So if the Lord calls for me I am more ready than I am before. That is a good place to be…God does not make any mistake at all.

I bought a couple of packs of plastic containers you get chinese takeaway food in (packs of five or six) at the poundshop I now cook all freezable food for four people eat one on the day and freeze three other single portions. When making soup I usually count it as an eight portion pot, but can eat one today one tomorrow from the fridge then freeze approximately six single servings. Buying a large size loaf is too much for one so on day one I leave in the wrapper approx two days bread then put the rest two slices to a freezer bag at a time into the freezer taking it out in the morning of the day I’m going to eat it, defrosts perfectly for sandwiches or can be toasted straight from frozen. Frances

Well, I invested in a house and was lucky that it increased its value three times what I paid for it… I lived in NZ… And was able to come to Dorset and buy a cottage plus bring my home with me… The furniture fitted in very well. The I sold my cottage that had also increased its value threefold when I had to downsize and now pay rent for a retirement apartment.. No point in buying again at my age… I live on my own. I do not have a car, don’t smoke, don’t drink alcohol, don’t go on overseas holidays except every two or three years to see family in NZ. I live very well on the NZ State basic pension that is supplemented by the reciprocal agreement with UK. I painted pictures and sold them, gave art classes as well as do odd jobs before I came to UK to supplement my pension. I think the biggest saving was not owning a car and not smoking. There are various grants one can get for jobs in the house.. And shopping at Charity Shops and secondhand furniture shops is always a good source of cheap stuff that can be upgraded. My largest expenditure was starting my cottage garden… I now have a balcony!!!

Am wondering how many people actually have large retirement savings,certainly not if a single person they wont have. I certainly havent. I didnt intend to give up work at 62 but work as long as i could, Sadly my company had other ideas and from what i see on here, so did many other peoples. As people wont get state pensions until much later, companies must change their attitude to older workers and as even the 50 s age group find it hard to find work, there dosent seem much likelihood of that. Voluntary work doesent pay the bills,so unless you have saving s in retrirement or a high pension that isnt really an option.

Why make them last longer?? spend them on essentials like younger men – holidays — hotel rooms and new sexy undies (to impress the younger men!!) – and all the things you’ve wanted but never bought — we are much younger than our forebears were at our age -you have earned it — go out and enjoy it — and go with a smile on your face and your knickers around your ankles :-) — don’t leave it to your kids – let them make their own way like you did!!

All our years of economic carefulness have been wiped out in the Greek Economic Crisis. Others hit “ground zero” at the start, while at least it took us 4 years to get broke. Sometimes things are not in our control. :(

Have never had cable; don’t eat out; don’t have a landline so my cell is all I have. My home is small; and I only buy what I need. I lived from paycheck to paycheck for much of my working life so have very little saved. Social Security and a small pension from the state is my retirement. And I think there are many women in the same situation.

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